Ann: Becoming a substantial holder, page-59

OK, so out of curiosity I looked and found the explanation in the FY22 report - make of it what you will:

Corporate Daigou strategic partnership

On 3 March 2022, the Group entered into a share subscription agreement with Willis Trading Limited, a wholly owned
subsidiary of Alpha Professional Holdings Limited (‘Alpha Group’), a company listed on the Hong Kong Stock Exchange.
The Group has conditionally agreed to issue up to 9,541,620 ordinary shares to Willis Trading Limited as rebates for the
Alpha Group meeting product purchase milestones of at least $50 million in FY22.

The Group has conditionally agreed to issue between 9,541,620 ordinary shares and 20,541,620 ordinary shares to Willis
Trading Limited as rebates for the Alpha Group meeting certain product purchase milestones of at least $80 million to
$120 million in FY23.

In June 2022, in light of the unexpected opportunity for the Group to provide an urgent supply of infant formula to the US
market, Willis Trading has agreed to reduce its safety stock and purchase orders so that inventory can be redirected to
the US market for American families in need. As a result, an amendment deed was signed by both parties to amend FY22
product purchase milestones to be no less than $44 million in July 2022.

Alpha Group has met the amended product purchase milestones for FY22. The Group has recognised the fair value of
9,541,260 shares on the grant date as rebates netting off revenue recognised in FY22, being $4,246,021.



-- So there you have it, Willis/Alpha (why are there so many names and entities here??) redirected some of their existing stock to USA in exchange for amended milestones. Make of that what you will.